Saab buyout finalised

The buyer of bankrupt Saab completed the deal to acquire most of its assets in a step that advanced its plans to make electric cars but said it would not be able to use the Swedish firm’s distinctive griffin head logo.

Saab, which has been making cars since 1947, crashed into bankruptcy at the end of 2011, less than two years after General Motors sold it to Dutch sportscar group Spyker.

Buyer National Electric Vehicle Sweden (NEVS) whose electric vehicles will be based on Saab cars, said completion of the purchase would speed up the process toward the start of production.